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Economic Development Quarterly
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23/2/95    most recent
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Assessing the Effect of Publicly Assisted Brownfield Redevelopment on Surrounding Property Values

Christopher A. De Sousa

University of Wisconsin-Milwaukee

Changshan Wu

University of Wisconsin-Milwaukee

Lynne M. Westphal

U.S. Department of Agriculture Forest Service, Northern Research Station

This study measures and compares the impact of publicly assisted brownfield redevelopment on nearby residential property values in Milwaukee and Minneapolis. It also examines the influence of land use, neighborhood characteristics, and other redevelopment factors on this impact. The research approach incorporates a hedonic method to quantify nearby property value effects at more than 100 brownfield projects, and stakeholder interviews are used to assess perceived impacts to real estate conditions. The results reveal that the spillover effect in terms of raising surrounding property values is significant in both quantity and geographic scope, as redevelopment led to a net increase of 11.4% in nearby housing prices in Milwaukee and 2.7% in Minneapolis. It also reveals that project size, value, and the amount of public funding have minor impacts on this effect; factors such as proximity to major roads, distance from rail, and higher incomes have greater positive impacts.

Key Words: brownfield • development • hedonic modeling • land use • policy

This version was published on May 1, 2009

Economic Development Quarterly, Vol. 23, No. 2, 95-110 (2009)
DOI: 10.1177/0891242408328379
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